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Do you make over a million dollars a year?
You can still apply logic to the standard language used. I thought the CNBC statements were very clear in what they communicated.
This is a point of confusion with a lot of people, don’t believe comments unless they come with a source.
Which news source is clearly stating that investment income will now be considered ordinary income to get ones “income” beyond the 1$M threshold?
That's what I was trying to clarify but I guess no one really knows. The CNBC article I screenshotted above had a vague statement about LT gains counting as ordinary income.
https://www.cnbc.com/2021/04/22/how-the-biden-capital-gains-tax-proposal-would-hit-the-wealthy.html
My least favorite part about news and tax change is that typically both politicians and news people don’t know anything about tax.
Think back to the gaps in the TCJA some of which took until fking CARES to be fixed.
Congress doesn’t know how to make practical tax changes on the first go (hence revenue regulations and case law )
Has anyone seen estimates on how much revenue this would actually raise?
Considering this is just a proposal at this stage and it’s not a formal bill yet, I doubt the CBO has scored it yet